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bioMerieux: First-Half 2008 Review...
Regulatory News: bioMérieux (Paris:BIM): Acceleration of Sales in the Second Quarter First Half: up 7.6% at comparable exchange rates and scope of consolidation up 9% at comparable exchange ratesand including business development agreements bioMérieux, a global leader in the field of in vitro diagnostics, today released its interim review for the six months ended June 30, 2008. Net sales amounted to €528.2 million in the first half of 2008, an increase of 7.6% at constant exchange rates and scope of consolidation (like-for-like) over the first six months of 2007. Including the 1.4% growth generated by the business development agreements, the increase amounted to 9%. In the second quarter, net sales were up 9.1% like-for-like over the year-earlier period. SALES BY REGION in € millions H1 2008 H1 2007 % change % change Like-for-like Q2 2008 Q2 2007 % change % change Like-for-like Europe(1) 326.8 303.4 +7.7% +8.1% 168.2 152.1 +10.5% +11.0% North America 109.2 128.5 -15.0% +1.6% 53.6 64.7 -17.2% -0.3% Asia-Pacific 57.4 55.3 +3.9% +12.7% 30.3 29.7 +2.2% +12.9% Latin America 34.8 30.9 +12.5% +17.6% 18.7 16.3 +14.2% +20.1% TOTAL 528.2 518.1 +1.9% +7.6% 270.8 262.8 +3.0% +9.1% (1) Including the Middle East and Africa "bioMérieux reported solid growth in net sales in the first half of 2008,” said Chief Executive Officer Stéphane Bancel. "Organic growth was 7.6%, despite weak instrument sales in the United States. Thanks to the initial impact of recent business development agreements, overall growth came to 9% for the period, which is at the upper end of the 7-9% range targeted in the 2012 strategic plan. We believe that a strong growth dynamic will be maintained in the second half of the year.” Including the currency effect and the impact of divested or discontinued operations, net sales amounted to €528.2 million. CHANGE IN NET SALES in € millions First–half 2007 net sales 518 Impact of divested operations(1) or discontinued operations(2) (12) First-half 2007 net sales (excluding divested or discontinued operations) 506 Currency effect (25) Like-for-like growth, at constant exchange rates and scope of consolidation 39 +7.6% +9% Impact of 2007 and 2008 acquisitions and distribution agreements 7 +1.4% Residual sales from divested operations(1) or discontinued operations(2) 1 First-half 2008 net sales 528 (1) Hemostasis business (2) Microplate immunoassays in North America Geographically, like-for-like sales may be analyzed as follows: Sales in the Europe - Middle East - Africa region, which accounted for 62% of consolidated business, increased by 8.1% over the period. Excluding France, sales rose by 10% owing to a strong performance in such important markets as Germany (up 15%), the Middle East and Africa region, Italy, Spain and the United Kingdom. Sales in France, representing 17% of the consolidated total, rose 3.6%. In clinical applications, growth was led by microbiology (especially VITEK(R) 2), molecular biology and VIDAS(R) reagents, which were buoyed by the success of high medical value tests (notably VIDAS(R) B.R.A.M.H.S PCT and VIDAS(R) NT-pro BNP). Sales of industrial applications increased 9.4% over the period. In North America (21% of the consolidated total), sales rose by just 1.6%. This temporary slowdown, which affected both clinical and industrial applications, was due to the complete reorganization of the sales force during the period, as new sales representatives were hired and teams were redeployed to improve coverage of the North American market. Furthermore, in light of economic conditions, customers took longer to make investment decisions. In this context, instrument sales contracted 20% compared with first-half 2007, when they grew by 24%. On the other hand, the sales contacts now in progress are expected to drive faster growth in instrument sales in the second half. In the Asia-Pacific region (11% of the consolidated total), sales rose 12.7%, with China (up 21%) and South Korea (up 18%) making significant contributions to the strong performance. Sales in Japan rose 5%, led by industrial applications. In clinical applications, the microbiology lines and the VIDAS(R) range reported solid results, while competition remained extremely aggressive in the microplate segment. Sales of industrial applications rose 22%. In Latin America (6% of the consolidated total), business remained robust across the region, driving a nearly 18% increase in sales. In the clinical segment, microbiology sales increased at a sustained pace. Growth in industrial applications remained strong. In all, clinical applications gained 7.2% like-for-like (8.5% in the second quarter), while industrial applications rose 10% (12.5% in the second quarter). NET SALES BY TECHNOLOGY in € millions H1 2008 H1 2007 % change % change Like-for-like Clinical Applications 450.0 444.6 +1.2% +7.2% Microbiology 263.9 258.4 +2.1% +6.5% Immunoassays 149.6 143.3 +4.4% +6.9% Molecular biology 25.8 21.8 +18.3% +15.7% Other lines 10.7 21.1 -49.3% +13.3% Industrial Applications 78.2 73.5 +6.4% +10.0% TOTAL 528.2 518.1 +1.9% +7.6% In clinical applications, reagent sales rose 9%. Microbiology sales were up 6.5%, led by VITEK® and culture media. Faster growth was reported in immunoassays (up 6.9%), thanks mainly to the VIDAS® line, which benefited from the success of the VIDAS® B.R.A.M.H.S PCT and VIDAS® NT-proBNP tests. The molecular biology business increased by nearly 16%, owing to rapid growth in reagent sales in Europe and South Africa. Industrial applications reported 10% growth for the period, led by strong sales in both the agri-food and pharmaceutical segments. All of the product ranges reported gains, particularly VIDAS® and TEMPO®. OTHER FIRST-HALF FINANCIAL HIGHLIGHTS The recent increase in oil prices had no impact on the cost of the plastic inputs used in reagent manufacturing, since prices for the corresponding resins remained stable over the period. However, they did feed through to higher transportation and energy costs. In response, the Company introduced cost-cutting measures and passed on a portion of the freight increases to customers. In this environment, the economies of scale resulting from the higher production volumes should help to improve H1 2008 gross margin compared with first-half 2007. At the Annual Meeting on June 12, 2008, shareholders approved the payment of a dividend of €0.76 per share, for a total payout of nearly €30 million. The dividend was paid on June 19. Debt stood at €62 million at June 30, after the dividend payment and the acquisition of AB BIODISK. 1,900 new instruments were placed during the half, increasing the installed base to more than 51,000 systems. FIRST-HALF OPERATING HIGHLIGHTS New product launches -- Full Microbiology Lab Automation(TM) concept unveiled: at the European Congress of Clinical Microbiology and Infectious Diseases (ECCMID) in April and the General Meeting of the American Society for Microbiology (ASM) in June, bioMerieux unveiled three new solutions designed to fully automate microbiology lab workflow: -- PREVI(TM) Isola, an automated pre-poured media (PPM) streaker, -- PREVI(TM) Color Gram, an automated slide stainer, -- UF-1000i, a urinary screening platform. In addition, in June, every bioMerieux customer was informed by mail of the progress being made on the new concept. A film presenting the concept was produced and may be viewed at http://www.biomerieux-diagnostics.com/fmla. -- During the first half, 15 new reagents and 2 new software applications were brought to market, including: -- TEMPO(R) STA and TEMPO(R) LAB, which expand the TEMPO(R) menu with the ability to enumerate respectively coagulase-positive staphylococci (S. aureus) and Lactic Acid Bacteria in food products. -- chromID(TM) Sakazakii and chromID(TM) Vibrio, two innovative solutions for detecting food-borne pathogens. -- AdvanDx Inc.'s PNA FISH(TM) tests distributed in the United States under the exclusive agreement signed in May 2007. By enabling clinicians to make faster and more relevant antibiotic therapy decisions, these tests reduce hospital mortality and the costs associated with sepsis. In addition, bioMerieux began marketing the VIDAS(R) NT-proBNP heart failure diagnosis test in the United States after receiving clearance from the U.S. Food and Drug Administration (FDA) in March. Acquisitions -- On June 18, bioMerieux increased its lead in microbiology by acquiring the Swedish diagnostics specialist AB BIODISK. The company is internationally recognized for its antimicrobial resistance testing range and particular expertise in susceptibility testing of fastidious and unusual organisms. It has 53 employees, reported sales of more than EUR 13 million in 2007, and is very profitable. The company also offers excellent commercial synergies with bioMerieux. Subsidiaries -- In January, a marketing joint venture was created with Sysmex Corporation, a leader in the Japanese in vitro diagnostics market, to promote and distribute the entire bioMerieux product range in Japan. As part of the agreement, Sysmex acquired a 34% equity stake in bioMerieux Japan Ltd. on April 1. The joint venture has been up and running since then, while the new sales team is starting to be trained in the bioMerieux product lines. -- In January, a Shanghai-based joint venture was set up with Shanghai Kehua Bio-engineering, the market leader in Chinese in vitro diagnostics. bioMerieux's microplate immunoassay manufacturing operations currently located in Boxtel, the Netherlands, will be transferred to the new company. -- In March, a new subsidiary was opened in Singapore to provide regional support in the ASEAN countries, South Korea, Australia and New Zealand. The creation of the company's 38th subsidiary is a further demonstration of its commitment to expanding in Asia. Partnership agreements -- In January, a strategic partnership was formed with Quidel Corporation in the area of rapid clinical diagnostics for the point-of-care. bioMerieux is now the exclusive distributor of all of Quidel's QuickVue(R) tests in all countries with the exception of the United States, Japan and Scandinavia, thereby enhancing its immunoassay offering. Sales of the tests under the bioMerieux brand began in May. In addition, Quidel and bioMerieux announced their intention to work together to develop new rapid tests. -- In February, an agreement was signed with Wescor, an ELITech Group Company, by which bioMerieux will become Wescor's exclusive worldwide partner for marketing two customized slide stainer instruments for Gram and tuberculosis bacillus under the bioMerieux brand. The PREVI(TM) Color Gram slide stainer was introduced to bioMerieux customers. -- In March, a long-term strategic partnership was formed with Hitachi High-Technologies Corporation of Japan to develop new microbiology and molecular diagnostic systems. -- In May, a Memorandum of Understanding was signed with the Foundation for Innovative New Diagnostics (FIND), a Swiss non-profit foundation, to bring together the partners' expertise in the development of new infectious disease diagnostics and to strengthen public health laboratory infrastructure in high-burden countries. 2008 OBJECTIVES In light of the robust growth in consolidated sales, and taking into account the recent acquisition of AB BIODISK, bioMérieux confirms its 2008 objectives: Like-for-like sales growth ranging from 7.4% (like-for-like growth reported in 2007) to 9% including the business development agreements. An operating margin before non-recurring items close to the 15.7% reported in 2007, at 2007 exchange rates. INVESTOR CALENDAR September 8, 2008: First-half earnings released October 28, 2008: Third-quarter sales released The above forward-looking statements are based, entirely or partially, on assessments or judgments that may change or be modified, due to uncertainties and risks related to the Company's economic, financial, regulatory and competitive environment, notably those described in the 2007 Registration Document. Accordingly, the Company cannot give any assurance as to whether it will achieve the objectives described above. The Company does not undertake to update or otherwise revise any forecasts or objectives presented herein, except in compliance with the disclosure obligations applicable to companies whose shares are listed on a stock exchange. ABOUT BIOMÉRIEUX Advancing diagnostics to improve public health A world leader in the field of in vitro diagnostics for over 45 years, bioMérieux is present in more than 150 countries through 38 subsidiaries and a large network of distributors. In 2007, revenues reached €1,063 billion with 84% of sales outside of France. bioMérieux provides diagnostic solutions (reagents, instruments, software) which determine the source of disease and contamination to improve patient health and ensure consumer safety. Our products are used for diagnosing infectious diseases and providing high medical value results for cardiovascular emergencies and cancer screening and monitoring. They are also used for detecting microorganisms in agri-food, pharmaceutical and cosmetic products. bioMérieux is listed on the NYSE Euronext Paris market. (Symbol: BIM – ISIN: FR0010096479). Other information can be found at www.biomerieux.com.
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